ECONOMICS (64)

(Candidates offering Economic Applications are not eligible to offer Economics.)

Aims:
1. To acquire the knowledge of terms, facts, concepts, 4 To develop an understanding of the Nation’s
trends, principles, assumptions, etc. in Economics. physical and human resources and how to
avoid their misuse.
2. To develop familiarity with the basic terminology
and elementary ideas of Economics. 5. To understand the various economic processes
that help in improving our standard of living.
3. To acquire knowledge of contemporary economic
problems and to appreciate the efforts being made
to solve these problems.
 CLASS X
There will be one paper of two hours duration carrying
80 marks and Internal Assessment of 20 marks.
The paper will be divided into two sections A and B.
Section A will consist of questions requiring short
answers and will cover the entire syllabus. There will
be no choice of questions.
Section B will consist of questions which will require
detailed answers. There will be a choice and
candidates will be required to answer four questions
from this section.
1. The Productive Mechanism
Factors of production: Land, labour, capital and
entrepreneur: their impact on the production
structure in an economy.
(i) Land: meaning and characteristics,
productivity of land – meaning only; factors
affecting productivity of land.
(ii) Labour: meaning and characteristics; division
of labour: meaning, type and advantages;
efficiency of labour; meaning, reasons for low
efficiency of Indian labour.
(iii) Capital: meaning and characteristics and
types: physical and financial capital- meaning
with examples; Capital Formation; meaning,
Process of capital formation; Need for capital
formation;
(iv) Entrepreneur: meaning, functions and role of
entrepreneur in economic development.
2. Theory of Demand and Supply
(i) Meaning and concept of Demand and Supply.
Law of demand and supply: demand and
supply schedule and curve (both individual and
market); movement and shift of the demand
and supply curve; determinants of demand and
supply; exceptions to the law of demand.
Meaning of demand and supply; the concept of
Demand, types of demand and concept of
supply to be explained (with examples).
A basic understanding of the law of demand
and supply in which demand and supply
schedules to be used to explain the demand and
supply curves. The individual demand and
supply curves must be distinguished from
market demand and supply curves. Concept of
movement and shift of Demand and Supply
curves are to be explained. Determinants of
demand and supply are to be specified.
Exceptions to the law of demand are to be
discussed.
(ii) Elasticity of demand and elasticity of supply:
meaning, types, percentage method of
measuring elasticity of demand and elasticity
of supply, factors affecting elasticity of
demand and supply.
The concept of price elasticity of demand and
elasticity of supply are to be explained with
percentage method. Factors affecting the
elasticity of demand and supply are to be
specified. (Numerical problems are not for
testing).
3. Market
Meaning and types.
Meaning of Market; Types of Markets: Perfect
competition, Monopoly, Monopolistic
Competition, Oligopoly - meaning with examples;
a brief understanding of the features of the different
types of markets along with differences.
4. Banking in India
(i) Money
A basic understanding of the inconvenience of
the barter system and the evolution of money;
legal definition of money; functions of money:
medium of exchange, measure of value;
standard of deferred payment, store of value.
(ii) Commercial banks: Meaning and functions.
Meaning. Functions of Commercial banks:
Accepting deposits (a brief understanding of
the types of deposits); Advancing loans (a brief
understanding of the types of loans, methods of
advancing loans); Credit creation (a brief
understanding of credit creation on the basis of
Primary and derivative deposits).
 (iii) Central Bank
Meaning. Functions of Central Bank:
monopoly of Note issue; Bankers Bank;
Banker, Agent and Advisor to the Government;
Custodian of Foreign Exchange; Lender of the
Last Resort: A brief understanding of the
functions.
(iv) Monetary Policy of the Central Bank
(a) Qualitative Credit control measures:
margin requirements; credit rationing;
moral suasion.
(b) Quantitative Credit control measures:
Bank Rate, Open Market Operations, Cash
Reserve Ratio (CRR), Statutory Liquidity
Ratio.
A brief understanding of the above.
(v) Demonetisation
A brief understanding.
(vi) Public Finance
(a) Meaning of Public Finance.
(b) Sources of Public Revenue:
• Tax Revenue.
Direct Tax (meaning, merits and
demerits); Indirect Tax (meaning,
merits and demerits); difference
between direct and indirect taxes.
Goods and Services Tax (GST) -
Meaning and objectives;
Progressive, proportional, regressive
and degressive taxes - meaning only.
• Non-tax revenue.
Meaning with examples.
(c) Public Expenditure.
Meaning of public expenditure, Revenue
and Capital expenditure with examples;
reason for growth of public expenditure in
India.
(d) Public Debt.
Meaning and types of Public debts.
5. Inflation
(i) Inflation, Wholesale Price Index (WPI),
Consumer Price Index (CPI), Food Basket.
Meaning of the above.
(ii) Stages of Inflation
Creeping, Walking, Running and Hyper –
meaning only.
(iii) Types of Inflation: Cost push inflation and
demand- pull inflation
Meaning, causes and differences only
(diagram not required). Positive and negative
effects of inflation on production. Positive and
negative effects of inflation on distribution with
reference to fixed income group and business
income group only.
6. Consumer Awareness
(i) Consumer Exploitation and Consumer
awareness.
Meaning of consumer exploitation; a brief
understanding of the forms of consumer
exploitation; reasons for exploitation of
consumers in India - a brief understanding.
Meaning of Consumer Awareness.
(ii) Consumer Rights & Duties.
A brief understanding of the above. COPRA -
meaning and features; RTI - meaning and
significance.
(iii) Food adulteration.
Meaning and harmful effects.
(iv) Technical and Administrative measures for
Consumer Protection:
A brief understanding of: Public Distribution
System (PDS); Bureau of Indian Standards
(BIS); AGMARK, ECOMARK.
INTERNAL ASSESSMENT
The minimum number of assignments:
One project/assignment as prescribed by the teacher
from the syllabus.
Suggested Assignments:
 A visit to a local industrial unit and analyse the
combination of the factors of production being
used in the production process.
 Survey 15 people from your neighbourhood about
the type of taxes they pay. From your survey
conclude which type of tax is easier to pay and
why.
 Visit a nearby store. Select five items of regular
consumption. Study the following: the impact of
GST on these five products; how this has impacted
the demand for these products; how it has
benefitted the producer, consumer and the
government.
EVALUATION
The assignments/project works are to be evaluated
by the subject teacher and by an External Examiner.
(The External Examiner may be a teacher nominated by
the Head of the school, who could be from the faculty,
but not teaching the subject in the section/class. For
example, a teacher of Economics of Class XI may be
deputed to be an External Examiner for Class X,
Economics projects.)
The Internal Examiner and the External Examiner will
assess the assignments independently.
Award of marks: (20 Marks)
Subject Teacher (Internal Examiner) 10 marks
External Examiner 10 marks
The total marks obtained out of 20 are to be sent to the
Council by the Head of the school.
The Head of the school will be responsible for the
online entry of marks on the Council’s CAREERS
portal by the due date.
 INTERNAL ASSESSMENT IN ECONOMICS - GUIDELINES FOR MARKING WITH GRADES

Preparation/
Grade Information Observation Inference Presentation Marks
Research
Follows instructions with A good deal of Systematic record of Work indicates Methodical, precise
I 4
understanding. relevant matter. data; good understanding, good and clear expression;
Masters research Uses wide range of arrangement of data; comprehension of subject. neat and tidy
techniques easily. sources. creative presentation; optimum
Reference work is representation. utilisation of skills.
orderly.
Follows instructions but Selects matter Able to record data Can judge and grasp Work neat and tidy
II 3
needs a little help in relevant to context. correctly. information correctly; and clearly presented;
research techniques. Limited use of conclusion quantitatively methodical and
Reference notes quite references/ sources. evaluated. appropriate techniques
orderly. used.
Follows instructions but Relevant matter but Assistance required Requires some assistance Reasonably clear but
III 2
needs constant guidance. limited reference in presenting, to grasp the relevance and work disorganised in
Reference notes at times work. Matter is recording and validity of information; places; writing untidy
disorderly. sketchy. arranging data. able to relate to economic in places.
scenario.
Struggles with research Hardly any reference Tends to make Assistance required in Sequence of work
IV 1
methods and needs material. mistakes in order to grasp the acceptable but not
constant guidance. Use of irrelevant organising data. relevance and validity of very neat; poor
Reference notes copied matter. Matter is quite information; tends to presentation.
without reference to sketchy. make errors.
keywords.
Cannot follow No reference Makes mistakes in Cannot process results; Data presentation
V 0
instructions. work/copied from organizing data; not faulty conclusions in spite untidy and
Works ‘blindly’ without other textbooks/ able to proceed even of assistance provided. disorganised; effort
reference to keywords. sketchy matter. with assistance. and initiative lacking.